1. Technical Field
The embodiments herein relate to monetary transaction systems and methods and more particularly, to electronic transferring of money via a third party.
2. Description of the Related Art
Many electronic cash payment systems and methods have been proposed to transfer money from one user to another. Each of these systems requires a complex series of transactions and verifications to ensure that the overall transaction occurs securely.
There also exist various agent-based money transfer services, such as those provided by Western Union, Money Gram, Cyber Cash and the like. Usually, these services involve a series of pre-transaction steps which are to be performed to establish a relationship with the intermediate agent. Also, establishing relationships with the intermediary is time consuming and requires submission of more documentation than many would prefer. The agent-based services require a payer to go to an agent's facility, have money transferred to a site near the payee, who then needs to approach the same transfer agent's site at the same location or another location to receive the money, which is a slow and often inconvenient arrangement.
Generally, the Electronic Fund Transfer (EFT) systems cannot satisfy the need for an automated transaction system that provides for the transfer of universally accepted economic value outside of the banking system. In case of money transactions using cellular communication devices, as in the case of “PayPal Mobile”, the paying customer needs to register the mobile number with the agent site on internet and then transfer the money from the bank account to another customer's cellular communication device number, or email-id or the like. The second customer then needs to claim the received amount by registering on the agent site. The cellular device money transaction service necessitates the users to share bank account details with the agent site and also the transaction process is complicated. Further, implementation of this method requires attaining account information from all banks in a particular geographic area.